Eros International hits new low on Moody's downgrade; tanks 50% in 5 days

Moody's Investors Service downgraded the corporate family rating for the company to B2 from B1 and changed the outlook to negative from stable.

Shares of Eros International Media were locked in the lower circuit for fifth straight day, down 10 per cent at Rs 33.25 apiece on the BSE on Wednesday after Moody's Investors Service downgraded the corporate family ratings to B2 from B1. It also changed the outlook to negative from stable.

The stock of the movies & entertainment company was trading at a new low, having slipped 50 per cent in past five trading sessions, after two back-to-back ratings downgrade. Last week, ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. In comparison, the benchmark S&P BSE